Dec 2023 / Austin Metro Update

MARKET SUMMARY

2023 ended with more of a fizzle than a bang. It was a rough year for the real estate market as most neighborhoods saw prices come down compared to the previous year. Higher interest rates had the dual effect of keeping buyers and sellers out of the market. Well, there are better times ahead. Interest rates are slowly coming down, and with it, a more active and vibrant market should follow. Austin was listed as one of the top markets for "pent-up demand". I believe it. Many buyers have been waiting for rates to come down, and when they do, they will start looking again. I have a good feeling about 2024. I think it's finally the year we start to see a return to normalcy in the Austin real estate market.